Applicant
Newlcast Pty Limited
Case number(s)
201120056
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 December 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.8498 hectares of land at 25 Thomas Burns Street in Dunedin.
Consideration$1,094,461
ApplicantNewlcast Pty Limited
ESCO Corporation, United States of America (100.0%)
VendorFarra Engineering Limited
New Zealand (100%)
Background

The Applicant currently operates a steel foundry upon the land (which it has leased in Dunedin since 2007). The acquisition will allow the Applicant to continue to operate and develop its foundry operation.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations

More informationDavid Gilbert
Minter Ellison Rudd Watts (Auckland)
PO Box 3798
AUCKLAND 1140